Help For Foreclosure in Philadelphia – Avoiding Foreclosure

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help for foreclosure in Philadelphia

Help For Foreclosure in Philadelphia

Few things are more devastating to families than the prospect of foreclosure. You own your home, and you love it — it serves you well. Yet, due to unfortunate circumstances, foreclosure may seem imminent. For local Pennsylvania families facing foreclosure, the stress can be almost unbearable. The foreclosure process can take months or even years, stretching out the pain for longer than anyone wants. Selling a house as is in PA could be a viable solution for you to avoid foreclosure. {Help for Foreclosure in Philadelphia | Avoid Foreclosure}

Fortunately, you have options available here in Pennsylvania — perhaps more options than you realize. Many strategies help with foreclosure in Philadelphia; these are legal foreclosure avoidance strategies you can implement to help you resolve your foreclosure issue to get on with your life. We understand that life throws obstacles at us in every direction. You do not know how to prevent certain things from happening to you. A job loss can be hard to go through, especially if you have a family and you rely on that job to pay bills. Sometimes even the loss of a family member could put you into a bad situation where you can no longer afford to pay your mortgage. Sometimes we don’t intend to fall behind on our bills, but one thing leads to another, and it just happens. Life is very unexpected. Being prepared is something we should focus on as a homeowner. We want to make sure that no homeowner should have to face foreclosure. Since the pandemic, the foreclosure numbers have gone up to 8 million people who have seen eviction in one week. These are alarming numbers that the United States of America currently faces.

In this blog post, you’ll read about three ways to avoid foreclosure (there are other ways to avoid foreclosure as well). These strategies aim to help you legally and ethically avoid foreclosure and reduce the pain and frustration you’re facing while minimizing any long-term financial commitment or burden to you. Not all of these strategies will apply in every situation, but you’ll probably be able to find at least one of the three ways that will work for you to avoid foreclosure.

Strategy #1: Work out a deal with your lender

The first strategy is called a “foreclosure workout.” In a foreclosure workout, you’ll sit down with your lender and tell them that you don’t think you can pay your current mortgage obligation, but you’d like to figure something out so you can stay in your house and continue to pay your mortgage.

Contrary to popular belief, lenders don’t want to foreclose! They want happy customers who pay their mortgages, so lenders are often willing to work with homeowners to figure out a deal. This might include a reprieve on your mortgage payments, or it might have a catch-up strategy where your outstanding mortgage payments are spread out so you can catch up and pay them off, or it might include a restructuring of the tremendous amounts that you owe.

Strategy #2. Bankruptcy

Filing for bankruptcy may seem like an extreme measure, but it is one of the “tools” in your foreclosure avoidance toolbelt. When you file for bankruptcy, you indicate to all creditors that you can no longer pay your bills. Filing for bankruptcy will stop foreclosure because all creditors must stop the collection process.

Filing for bankruptcy is a little extreme: it may require you to sell off some of your assets to pay off your creditors. A bankruptcy will remain on your credit score for many years, which could impact everything from getting a loan to getting a car… even getting a job. This shouldn’t be your first line of defense!

Strategy #3. Work with the government

Contact your state to learn more about the foreclosure time frame you are dealing with. Knowing the time frame and the different steps of mortgage foreclosure and comparing that with letters or other communication from your lender will determine how quickly you need to move to secure your exit strategy. The Federal Government’s Housing of Urban Development department has many programs that may offer you a way out of your situation. Many of these programs are determined by the home’s value versus the amount left on the loan. HUD also has counseling options available to help you understand your financial situation and what options may or may not work for you.

Strategy #4. Short sale help for a foreclosure in Philadelphia

A short sale is the third strategy — this is where you sell your home and put the proceeds of the sale toward the amount owing on your mortgage loan. A short sale is preferred for people facing foreclosure because it is proactive, fast, and effective.

  • It’s proactive, which means that you take matters into your own hands (that’s a major stress eliminator because so much of the stress of foreclosure comes from the process being completely out of your control).
  • It’s fast — in some cases, you can “sell my home” in as little as a week! That’s also because it’s local: You can get help for foreclosure in Philadelphia since organizations like Buying Property 215 help people going through short sales.
  • It’s very effective because a short sale can completely wipe out (or almost wipe out) the amount owing on your mortgage. If any amount is left over that is not covered by the sale of the property, you’ll be responsible for it (although you can sometimes work out a deal with your lender).

With a short sale, you still end up with the reality of having to leave your home, but there is a bright side: The impact on your credit is much less (compared to a bankruptcy or a foreclosure), so this is a clever long-term play to give yourself some options.

If you find that you’d love to sell your house to get out from under your Pennsylvania foreclosure…

Give us a call today at 215-359-6090 or fill out the form and we’d like to make you a fair all-cash offer on your house.

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